Genius X an accelerator program launched by the world class team behind **[Genius Yield](https://www.geniusyield.co/)**. Our goal is to foster innovations on Cardano by providing early-stage blockchain startups with all the tools they need to become successful. We empower founding teams to build impactful and scalable blockchain-based companies by providing key consulting services, including: - Fundraising strategy and execution - Initial Stake Pool Offering (ISPO) design - Marketing strategy and execution - Legal &amp; Bank account support - Tokenomics design - Business and product development - Integration into Genius Yield Ecosystem - Smart contract support (Plutus)

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Genius X

As the Genius X project ecosystem continues to mature, we are thrilled to announce significant advancements in our staking program, drawing us ever closer to a pivotal milestone. Our community has been the cornerstone of our success. We are very glad to announce that we are on the brink of enabling $GENSX stakers to receive a specific portion of Genius X Accelerator projects’ tokens, including at least $FLDT, $DG, $REACH, $HYN, and $ADA (from launchpad sales fee). This is a step that underscores our commitment to inclusive growth and shared success.<h1 style="margin-left:0px;">Distribution Plan</h1>What Will Be Distributed to $GENSX Stakers:As explained in <a href="https://medium.com/@GeniusXOfficial/gensx-staking-program-upgrade-6bf8460b924c">this article</a>, 20% of all Genius X accelerator project tokens and the Genius X Launchpad fee that HAVE BEEN collected by Genius X by the 1st Distribution Date (see below), as a pool of Fee-Sharing, will be distributed to $GENSX stakers via claiming (see below), which include:<ul><li>$FLDT for FluidTokens</li><li>$DG for Drunken Dragon</li><li>$REACH for Reach Metaverse</li><li>$HYN for HHMC/Outlaws Brawl</li><li>$ADA (fee from Genius X Launchpad since it is live)</li></ul>On the 1st Distribution Date, $GENSX stakers will receive the aggregate amount of project tokens and Launchpad fee portion that HAVE BEEN collected by Genius X by the 1st Distribution Date, followed by future and ongoing distribution of tokens and fees each month.There may be other Genius X projects that will have a TGE in the near term, but they will not be distributed on the 1st Distribution Date if their TGE ends up being later than that. Instead, they will be distributed on other future Distribution Dates.All the distribution of the accelerator project tokens will be tied to each token’s own vesting schedule according to the project’s respective tokenomics and release schedule, as follows (all the token amounts below are the 20% due to $GENSX stakers):<img class="image_resized" style="width:561px;" src="https://miro.medium.com/v2/resize:fit:1122/1*8vntGxCJkzxGR8MsWXANgw.png" alt="" loading="lazy">Who Are Eligible to Receive the Fee-Sharing:If you ever staked $GENSX between our own token launch (7 July 2023) and 31 January 2024, then you will be eligible for a portion of the Fee-Sharing. Snapshot was taken at 12:00 UTC on 31 January 2024.The exact amount of Fee-Sharing for each staker is determined by the following factors:<ul><li>Amount of $GENSX staked — the more $GENSX you staked, the more Fee-Sharing you will receive from the pool;</li><li>Staking period — the longer period you staked $GENSX for, the more Fee-Sharing you will receive from the pool; and</li><li>Genius X Galaxy NFT — holding one (or more) Galaxy NFT gives you another 10% boosted weight in the portion of Fee-Sharing you will receive from the pool.</li></ul>Did not stake any $GENSX before 31 January 2024? Don’t worry. Usually, Genius X earns the accelerator project tokens on a monthly or quarterly basis over a long vesting period. Therefore the Fee-Sharing pool will accumulate gradually and will continue to be distributed to $GENSX stakers over a long period of time.For example, if you stake $GENSX between 1 February 2024 and 29 February 2024, then you will be eligible to receive the Fee-Sharing distribution in April, and so forth. We allow a 2-month buffer here just in case of delayed collection of tokens that Genius X has from projects. And the number of days you stake during the month will be considered as a weighing factor for the portion of the Fee-Sharing you will be eligible for.It’s never too late to start staking $GENSX to become eligible for the future Fee-Sharing!When and How Will the Distribution Take Place:As communicated previously, the distribution of the Fee-Sharing will start by the end of Q1 2024. As we are still planning for the readiness of the distribution system, we will communicate the exact 1st Distribution Date very soon, but we expect it to be before the end of March 2024.On the 1st Distribution Date, eligible wallets will receive their portion of the Fee-Sharing from the entire period ending on the 1st Distribution Date. Thereafter, we will be aiming for a monthly distribution of the future Fee-Sharing going forward, meaning by staking $GENSX you will receive the Fee-Sharing every month.The distribution will be done in the same way as the Genius Yield “<a href="https://app.geniusyield.co/earn">My DEX Rewards</a>” system. This means you will need to claim the distribution on the staking platform.Staking $GENSX on Cardano vs. on ArbitrumThe “My DEX Rewards” platform only supports the claiming of Cardano native tokens with Cardano wallets that stake $GENSX. Given all the distributable tokens as of today are Cardano native tokens, Cardano network stakers can use the “My DEX Rewards” platform directly.The $GENSX stakers that stake on Arbitrum network will be separately communicated with about the process of claiming their portion of the Fee-Sharing.Why Starting Now and Not Earlier:Venture building is a long-term business, which usually takes years rather than days or weeks. Our team had decided that it would have been too early to start the Fee-Sharing distribution before, as most of the Genius X accelerator project had not matured enough, or even had a token launched back then. That is why we designed an APY-based staking reward over the last few months for the $GENSX staking program.We highly appreciate the patience of our community, and now we are ready to start the distribution of Fee-Sharing for all of you who have been supporting Genius X!<h1 style="margin-left:0px;">Spotlight on Our Portfolio Projects</h1>The journey so far has been remarkable, with several of our portfolio projects not only thriving but also making substantial strides in the blockchain space. Please be reminded again that the venture building industry’s norm is a 90% failure of a startup project, and an industry-wise expectation that only a small portion of the startup portfolio will be expected to deliver a high return, and it takes time to mature. A couple of projects have made their mark, with their tokens actively circulating in the market, showcasing the tangible outcomes of our collective efforts. Furthermore, we are excited to share that some others are gearing up for their Token Generation Events (TGE) soon.Please see below a quick update on all the projects that have already had their TGE, or have a near-term plan of TGE:<ul><li>FluidTokens ($FLDT) — Token launched already. As many of you are aware, FluidTokens have been doing amazingly well, with 8 million ADA raised during their token launch, and a constantly growing TVL on their platform. The team has an ambitious plan moving forward, including a number of new functionalities and product lines in the DeFi and real-world tokenization landscapes.</li><li>Drunken Dragon ($DG) — Token launched already. Currently, this project is under a development freeze for Q1 and Q2 of this year due to internal reorganization and will plan to continue developing on this project later this year.</li><li>Reach Metaverse ($REACH) — Token launched already. A new founder has recently taken over the project and has been creating a restructuring plan and a new roadmap. In particular, the new team just announced a <a href="https://twitter.com/ReachMetaverse/status/1762958643916382417">Future Development Plans and Token on Cardano</a> which outlines the high level roadmap.</li><li>HHMC ($HYN) — Token launched already. Their game Outlaws Brawl has been launched on various networks and environments including Cardano, Polygon and a Mobile (Android) version with more than 10,000 downloads. The founder had to become unavailable due to personal/family reasons late last year while the rest of the team is taking care of the minimum operation. Genius X team continues to follow up for updates and plans.</li><li>Ledgity ($LDY) — No TGE date available yet but based on our discussion with their team, it is estimated for Q2 2024. Ledgity just had a successful LBE on Fjord with nearly $600k raised and a growing TVL in their yield protocol. They are currently working on the token listing plan and are having discussions with several exchanges. TGE, as well as Cardano-Arbitrum token swap (for holders of the old $LTY token on Cardano, including the MISPO investors, to swap for the new $LDY token on Arbitrum or the Cardano bridged version, on Ledgity’s official website. You can find on their Documentation about the <a href="https://docs.ledgity.finance/tokenomics/early-investors">Swap Plan</a> and the new $LDY <a href="https://docs.ledgity.finance/tokenomics/supply">Tokenomics and Vesting Schedule</a>), will take place once the listing plan is finalized.</li><li>SmartPlaces — No TGE date available yet but based on our discussion with their team, it is estimated for Q2 2024. SmartPlaces team is preparing an airdrop campaign to anchor the token launch, as well as finalizing their geolocation-based social app integrated with the NFT land plot.</li><li>Liberty Finance — No TGE date available yet but based on our discussion with their team, it is estimated for Q2/3 2024. Liberty Finance has achieved more than 100,000 transactions on their testnet by 14,000+ users. We understand are currently finalizing a substantial partnership with a major Middle Eastern blockchain platform, and are also preparing for an airdrop campaign for their Islamic Finance-compliant DeFi protocol, which aims to bring more users and traction prior to TGE.</li></ul>The potential TGE plan of other projects will be communicated once the information becomes available to Genius X.<h1 style="margin-left:0px;">A New Era of Fee Sharing for the Accelerator Program</h1>In light of these developments, we are particularly proud to open the doors to fee sharing within the Genius X Accelerator program. As we explained in <a href="https://medium.com/@GeniusXOfficial/gensx-staking-program-upgrade-6bf8460b924c">this article</a>, you can easily stake your $GENSX, a native token of the Genius X project, in the <a href="https://app.geniusyield.co/earn">Genius Yield Dashboard</a>. Once the tokens are staked, you will be entitled to the next wave of staking program rewards. This initiative is designed to deepen our community’s engagement and participation in our success story, offering a tangible share in each project’s native token pool! Moreover, once the Staking Vault is created, you also start earning attractive APY on your staked $GENSX tokens. It is a testament to our belief that by working together, we can achieve extraordinary results and pave the way for a future where everyone involved has a stake in the success.<h1 style="margin-left:0px;">Our Commitment to Transparency and Inclusivity</h1>As we edge closer to implementing this groundbreaking feature in our staking program, we are committed to maintaining transparency and keeping our community informed every step of the way. The introduction of token-based fee sharing is more than just a milestone for Genius X; it’s a reflection of our ethos of inclusivity, partnership, and shared prosperity.We extend our heartfelt thanks to our community for your trust, support, and belief in our vision. Together, we are not just helping the blockchain ecosystem; we are shaping the future. Stay tuned for more updates as we journey towards enabling fee sharing for our stakers, a milestone that will mark a significant chapter in our collective journey.About Genius XGenius X is one of the first tokenized, blockchain-agnostic business accelerators and launchpads for fully-vetted, early-stage blockchain startups. Our mission is to create a more decentralized and inclusive future built by the brightest minds utilizing blockchain technology. The <a href="https://www.genius-x.co/">Genius X Accelerator</a> helps ambitious founders turn their visions from startups into impactful and scalable solutions that add value across multiple blockchains. We accelerate the most promising startups by providing advisory support in areas such as marketing, business strategy, token design, fundraising, as well as token sales, giving them the edge to become successful.The <a href="https://medium.com/@GeniusXOfficial/all-you-need-to-know-about-the-genius-x-launchpad-5aaff4fcc854">Genius X Launchpad</a> is the most advanced smart contract-based Launchpad that will support various major blockchain networks. The launchpad provides a seamless way for participants to safely participate in early-stage project funding. The Genius X Launchpad is unique from other launchpads in that it is non-custodial, as operations on the platform are handled by smart contracts.Venture Capital / Accredited Investors — Contact us <a href="https://y0vs1o4twew.typeform.com/to/VTzh7IET">here</a>.Startups wishing to apply for Genius X Accelerator program membership can fill out the form <a href="https://y0vs1o4twew.typeform.com/to/pFrsjsZo">here</a>.Visit our social links below:<a href="https://www.genius-x.co/">Website</a> |<a href="https://discord.gg/FCybXF5CeG">Discord</a> |<a href="https://t.me/geniusX_official">Telegram</a> |<a href="https://t.me/geniusx_announcements">Telegram Announcements</a> |<a href="https://twitter.com/OfficialGeniusx">Twitter</a> | <a href="https://www.youtube.com/channel/UCaPoXxROOpDb9waSGSKFkbw">YouTube</a> | <a href="https://www.linkedin.com/company/genius-x">LinkedIn</a> |<a href="https://medium.com/@GeniusXOfficial">Medium</a>

A New Era of Fee-Sharing for Accelerators!

As we are approaching the end of 2023, the Genius X team would like to share with you all a review of 2023 from our own perspective, as well as our plan and the roadmap for 2024. We always appreciate your companionship and support since the birth of Genius X, and would love to involve you more in our thinking and planning.TL;DR<ol><li>Despite the challenging 2023, Genius X has achieved several milestones:</li></ol><ul><li>&lt; 25% portfolio failure rate, compared to 90% for general startups</li><li>Completion of the Multi-Token ISPO on our end</li><li>Launch and monetization of Genius X Launchpad</li><li>Launch of $GENSX token</li><li>Blockchain-agnostic expansion with exposure to new EVM business</li><li>Strategic expansion to other crypto hubs such as Dubai</li></ul>2. With a positive vision on the market for 2024, Genius X is eyeing the following growth opportunities and plans:<ul><li>Continue to improve the success rate of the accelerator portfolio</li><li>Plan for $GENSX staking reward distribution in Q1 2024</li><li>New Cardano devs community growth in under-tapped markets like Asia</li><li>Launch new product lines such as Genius X Advisory Services</li><li>Explore strategic partnerships to scale up Genius X Accelerator</li><li>Explore potential synergies between Genius X Launchpad and Genius Yield’s DEX</li><li>Build new connections and businesses in new crypto markets such as the Middle East and Asia</li></ul><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*Te4WBEMh_LqCOjtr" alt="" loading="lazy">First, we want to clarify again the nature of Genius X — it is created as a venture-accelerating powerhouse for Web3-based startups. Our goal is to support early-stage startup projects throughout their development journey. Similar to VC (Venture Capital) investment, venture acceleration is a probability game — meaning a large number of projects you support will fail, while you aim to generate a substantial level of return from very few successful ones.Statistically, startups have as high a failure rate as 90% (<a href="https://www.luisazhou.com/blog/startup-failure-statistics/">source</a>), due to the nature of this business. When it comes to the VC industry, at least half of the portfolio of an average VC fund loses them money, while the enormous return (like &gt; 3x of investment cost) comes from only 5% of their portfolio (<a href="https://techcrunch.com/2017/06/01/the-meeting-that-showed-me-the-truth-about-vcs/">source</a>). Venture acceleration tends to be a bit more extreme as it usually deals with more even earlier-stage projects.2023 was a tough year for the whole Web3 industry, where we see the project failure number peaks, while the new project number bottoms. Additionally, many Web3 investment funds have run out of capital as their existing portfolios are not delivering returns during the venture bear market. Almost everyone is at loss on their books. This has created a significant level of challenge to new entrepreneurs and venture builders.Despite that, we at Genius X have never stopped building through the tough days. As a result, we are very happy to see quite a number of achievements in our current accelerator program, where we have seen:<ol><li>Less than 25% projects have had to cease operation before launching product and token;</li><li>Approximately 25% projects have already shipped products and been generating initial revenue, such as Maestro, FluidTokens, Dropspot, and Ledgity, despite a challenging market that has restricted their development;</li><li>The rest of more than 50% projects have still been building and moving towards the product launch stage, despite all the difficulties they have to manage during the bear cycle; and</li><li>2 out of the 3 winners during the 2023 Cardano Summit “Battle of the Builders” competition are our accelerator projects, namely Maestro and zkFold.</li></ol>In addition, we have also delivered and continue to deliver on the following initiatives during 2023:<ol><li>Completing our part of the work regarding the Multi-Token ISPO</li><li>Hosting 2 token sales on the Genius X launchpad (after which we decided to slow down the launchpad business expansion due to negative market conditions)</li><li>Tokenizing Genius X through the $GENSX token launch</li><li>Building initial traction in other ecosystems than Cardano (i.e. Arbitrum, Polygon) for capturing additional growth and value opportunities for our project</li><li>Expanding Genius X team’s physical presence to Dubai which is a vibrant crypto hub in the world</li></ol>As we see the marketing has recently started turning, and a number of macro parameters (macro economy, Bitcoin halving, Bitcoin spot ETF applications, institutional adoption, etc.), moving towards the positive direction, we expect that our accelerator startup projects will all benefit in 2024–25, potentially with substantially improved business performance and value.During 2024, we are looking at the following focus areas and strategic priorities for Genius X:<ol><li>Improving success rate and impact of the Genius X accelerator projects — the challenging bear market has caused a lot of delay and slow-down for all startup projects that are in lack of resources. But for those who continue to build and take their project forward, we will continue our support for them to reach the product and launch stage.</li><li>Plan for the $GENSX staking reward in the form of accelerator project tokens and launchpad revenue share in Q1 2024 — although we do not see the current reward pool in this form has been mature enough (as many projects have not seen the best market condition to launch their tokens, or deliver concrete value component to their tokens yet), we will still plan to start the reward distribution at an initial, level scale, because we understand that this is well expected by our community.</li><li>Contributing to onboarding new developers to Cardano — a fundamental problem with Cardano today, that we have observed, is the lack of new developers / project builders over the last 1–2 years. Recently, we have seen a huge lack of new projects on Cardano, except for those launched by the same Founders of existing projects. This is not healthy for the organic growth of the ecosystem. Moreover, we have also noticed that Cardano is extremely under-represented today in some crypto startup-rich regions, such as Asia (particularly Greater China and India), while many other blockchain foundations / official stakeholders are active in growing their developer community there. If we can bring new developers and entrepreneurs to Cardano through such organic growth, they would be directly fed to the Genius X accelerator pipeline. Genius X will start a series of initiatives to contribute to Cardano developer community growth, with a few examples in our plan:</li></ol><ul><li>Cardano developer community growth out of Hong Kong — recently, we have jointly submitted a Catalyst proposal together with <a href="https://www.gimbalabs.com/gimbalgrid">Gimba Labs</a>, a reputable Cardano education group) and <a href="https://www.wafflecapital.xyz/">Waffle Capital</a>, a dedicated Cardano DeFi investment fund based in Hong Kong, for a plan of systematically growing the Cardano developer community there. Hong Kong attracted $1.7 billion crypto startup funding in 2021, ranked only after the US and UK (<a href="https://www.linkedin.com/pulse/top-20-countries-ranked-blockchain-investment-2021-colangelo/">source</a>), due to its crypto-friendly regulation and access to the large population of Asian crypto developers and entrepreneurs. Cardano currently has very low penetration there, left way behind other blockchains such as Ethereum, Polygon, Solana, BNB, Avalanche. We hope to receive community support for <a href="https://cardano.ideascale.com/c/idea/113090">this proposal</a>.</li><li>Cardano ecosystem partnerships for developer support — we will aim to strike partnerships with other Cardano-native organizations, stakeholders, and contributors for organizing systematic programs to take more developers through the venture building funnel — such as developer workshops and hackathons, which will bring more ideation-stage projects to acceleration-ready stage.</li></ul>4. Launching diversified product lines to adapt to the market — typically, venture accelerators only deal with early-stage projects. However, in running the accelerator program, our team came across from time to time the demand from more advanced projects, for limited support in certain area(s) instead of a full acceleration process. In response to that demand, we will consider launching more diversified product lines such as a flexible Advisory business, tailored to the needs of specific projects. Examples are light service packages just for Marketing Campaign &amp; Business Development support, or just for Fundraising support, to projects at the right stage. This is also expected to allow for Genius X to capture additional revenue opportunities on the market.5. Strategic partnerships to scale up the Accelerator program — as a general matter, venture accelerator is mostly a corporate- or investor-sponsored business model. Dedicated external funding support can effectively scale the accelerator business and grow its value potential, particularly when the bull cycle comes. Our team will be exploring different possibilities with external investors, and other types of partners that have intention and financial budget to participate in Web3 venture building businesses.6. Developing new value propositions of Genius X launchpad by potential synergies with Genius Yield’s DEX and other partners — Genius X launchpad is positioned as a platform for retail investors to purchase tokens of crypto projects in which they see a value growth potential. As the crypto funding market continues to evolve, we have realized the need for more diversified ways of public funding for crypto projects, besides a simple priced (by project) token sale on a launchpad. Given the upcoming launch of our sister project Genius Yield, we will be exploring new ways of public token sale / token funding manners by potentially creating unique synergies between Genius X launchpad and Genius Yield’s DEX, as well as other potential partner projects having certain form of token staking infrastructure.7. Building new connections and networks for potential new growth opportunities beyond our previous reach of geography and communities — Genius X has been based in the West with our main networks and communities located in Europe and the Americas. However, with the increasing popularity, crypto-friendly regulations, as well as the crypto user and developer population base in certain locations in the Middle and Far East, we foresee new opportunities of growing the Genius X business, and its value by creating a solid footprint in those locations. Dubai is the first step of our global expansion journey with one of founding partners officially relocated there recently, while more vibrant markets are on our roadmap, such as Singapore, Hong Kong and potential South &amp; Southeast Asia. We aim to bring both developers and capital into Cardano, as well as grow our own footprint strategically beyond Cardano to create extra value for the project.To summarize all of the above: we at Genius X have been consistently building and taking this project forward despite the challenging bear cycle, with a number of milestones achieved compared to the industry norm and the nature of the industry we are in. For 2024, we anticipate a relatively positive movement of the general market conditions, and are therefore prepared for further business growth and value achievements, through a series of growth and expansion strategies. Once again we highly appreciate the continuous support of our community, and their understanding of what we have seen, experienced, and are planning forward.Finally, we wish you all a Merry Christmas!The Genius X Team

Genius X Summary of 2023 and Growth Plan for 2024

Since the first month of rewards release in August on Tosidrops, there have been some changes and developments in the projects involved and we want to provide some clarifications and news in this regard:Genius X facilitated an Initial Stake Pool Offering (ISPO) for 5 projects, called Multitoken ISPO acting only as a platform to provide ADA stake pools infrastructure and management, and marketing services within its accelerator program. The variable rewards in ADA generated during the ISPO were solely directed toward the participating projects, as a part of their financing mechanisms. Genius X doesn’t have any ownership or custody of the MISPO reward tokens; the execution of the distribution is managed by each respective project and it is under their exclusive responsibility.Some users have noticed recently the absence of some tokens, and in this update we would like to gather some public information about each project and their token distribution, but it is also important to encourage you to follow them on X or other social media to keep up to date, and ask them directly about the token distribution if you have any doubts or concerns about it. MISPO projects are startups, and it is common for planned events or decisions to change. Roadmaps may be adapted to new plans, or unforeseen difficulties may arise, especially for projects that have been trying to build over the last 1–2 years of bear market, when resources to startups have become scarce to an extreme level.The summary of the current situation is:<ul><li>Drunken Dragon $DG: is distributing rewards regularly.</li><li>Reach Metaverse $REACH is distributing rewards regularly. It’s important to mention that they have stopped the development due to the lack of funds, while they are looking for a partner to host their existing product. More info in their Discord <a href="https://discord.gg/aSrMJWEbyf">HERE</a></li><li>Outlaws Drawl $HYN: Tosidrop faucet wallet ran out of tokens some days ago, and they need to top it up. We have reached the team and HHMC founder has told us that he’s facing some personal challenges that are preventing him from devoting the necessary time and attention to this task but he’s committed to taking care of it when he has the opportunity.</li><li>Ledgity $LTY: they have halted the distribution via Tosidrop due to the release of a new token (and new tokenomics) as part of an expansion plan that includes the launch of Ledgity Yield Protocol, a multichain treasury management solution on stablecoin backed by RWA. The TGE of the new token $LDY was initially planned for October, but they have rescheduled the launch date to early 2024. This is considered as a result of the new time horizon of their launch campaign, which has been actively running over the last month that can be seen on their social media. They have informed that LTY token holders will be able to claim their Cardano-based $LDY, directly on their website in due time. More info is available on their Docs <a href="https://docs.ledgity.finance/tokenomics/early-investors">HERE</a>.</li><li>Smart Places $SMART: The TGE is planned for late this year or early 2024 because their team has always targeted to match the token launch to the App launch. The path towards the App launch has been communicated by them on their social media and community channels, including the release of certain demos. More details on their Discord <a href="https://discord.gg/smartplaces">HERE.</a></li></ul>As a general thought to wrap up: Genius X is an accelerator and provides the tools needed not only by connecting them to relevant strategic partners but by providing technical mentorship and business guidance as well. Support and advice are necessary but not sufficient conditions for the achievement of success. The success of the start-up depends on their founders’ diligence and effort, their work ethic, commitment, business and tech development skills, the market, access to funds, the normal and unforeseen risks of doing business, and many other factors. We trust that our accelerator participants will fulfill their dreams and bring joy and earnings to the holders but being realistic, some may fall by the wayside because that’s what the <a href="https://www.luisazhou.com/blog/startup-failure-statistics/#">statistics</a> show.<h1 style="margin-left:0px;">About Genius X</h1>Genius X is a business accelerator and launchpad for fully-vetted, early-stage blockchain startups. Our mission is to create a more decentralized and inclusive future built by the brightest minds utilizing blockchain technology. The Genius X program helps ambitious founders turn their visions from startups into impactful and scalable solutions that add value by leveraging blockchain technology. We accelerate the most promising startups by providing advisory support in areas such as marketing, business strategy, token design, and fundraising, giving them the edge to become successful.The Genius X Advisory Program onboards professionals who provide consulting services to Genius X Projects founders and teams under the Genius X Accelerator program.Startups interested in joining the Genius X Accelerator program can get in touch and apply<a href="https://y0vs1o4twew.typeform.com/to/pFrsjsZo?typeform-source=1otu7zz4rfi.typeform.com"> here</a>.Venture Capital / Accredited Investors — Contact us<a href="https://y0vs1o4twew.typeform.com/to/VTzh7IET"> here</a>.Visit our social links below:<a href="https://www.genius-x.co/">Website</a> |<a href="https://discord.gg/FCybXF5CeG">Discord</a> |<a href="https://t.me/geniusX_official">Telegram</a> |<a href="https://t.me/geniusx_announcements">Telegram Announcements</a> |<a href="https://twitter.com/OfficialGeniusx">Twitter</a> |<a href="https://www.youtube.com/channel/UCaPoXxROOpDb9waSGSKFkbw">YouTube</a> |<a href="https://www.linkedin.com/company/genius-x">LinkedIn</a> |<a href="https://medium.com/@GeniusXOfficial">Medium</a>

Multitoken ISPO Update

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 In the financial center of Dubai, the Cardano Summit 2023 will gather some of the most prominent projects in the crypto space. During the three-day event, speakers, founders, and the community will voice views on the growing sector and the future of the network and blockchain technology as Cardano enters a critical stage in its development. 
<blockquote>
🎉 Kicking off the Networking Soirée in Dubai! <a target="_blank" href="https://twitter.com/hashtag/CardanoSummit2023?src=hash&amp;ref_src=twsrc%5Etfw">#CardanoSummit2023</a> <a target="_blank" href="https://t.co/6KwkVHSlZo">pic.twitter.com/6KwkVHSlZo</a>
— Cardano Foundation (@Cardano_CF) <a href="https://twitter.com/Cardano_CF/status/1720081363456725162?ref_src=twsrc%5Etfw" target="_blank">November 2, 2023</a> </blockquote>
<h2>What’s Missing In The Cardano Ecosystem?</h2>
The Cardano Summit 2023 began with a networking soirée leading to the ‘Battle of the Builders’ competition. The event, sponsored by industry leaders like CV Labs and Genius X, featured ten projects in a pitch contest showcasing the versatility of the Cardano ecosystem.
Frederik Gregaard, CEO of the Cardano Foundation, <a href="https://cardanofoundation.org/en/news/cardano-summit-2023-networking-soir%C3%A9e-recap/" target="_blank">highlighted</a> the robust number of Cardano GitHub repositories as evidence of the platform’s readiness for innovation. The number of developers working and shipping products on this blockchain has increased following its implementation of smart contract capabilities.
After intense deliberation by a panel of seasoned judges, including Gregaard and representatives from EMURGO and STORM Partners, Maestro claimed the top spot, with NEWM and zkFold rounding out the winner’s circle. The summit continues with more workshops and sessions.
Speaking with our team, Sheraz Ahmed, Managing Partner at STORM Partners, gave his perspective on the event, the obstacles of the building during a bear market, the topics dominating the Summit, the key component missing in the ecosystem, and the distinct quality of the Cardano community: passion.
STORM has been a long-time partner of Cardano and its ecosystem, aiding them in projects like Ergo Media, marketing, and educational efforts. Ahmed told us:
<blockquote>So there are three main topics of the conference. Operational, resilience, education and adoption. Those are the three ones that things are centered towards today’s on the innovation stage. The last discussions are around stablecoins and the importance of stablecoins within the Carano ecosystem. I think a lot of the Cardano community and projects are feeling the pressure of not having a Cardano interoperable (stablecoin). And you can really see that it’s impeding the ability to create DeFi products and applications.</blockquote>
Ahmed was one of the judges during the startup competition and saw how the community and the Cardano Foundation leadership leaned towards those projects building stablecoin solutions. In 2024, Ahmed expects Cardano to launch its native stablecoin, which could have major implications for this ecosystem, similar to the “Alonzo” Hard Fork Combinator (HFC) event:
<blockquote>So that thing is something (a native stablecoin) that’s just a missing piece of the puzzle that just needs to be filled in the Cardano ecosystem, and that it will be within the next, I’d say by mid next year, it should be the case from what I saw about some of the announcements, some of the discussions, etcetera. So that was the first one. Then education was a big topic this morning because there’s quite a wide community in Cardano. Cardano has quite a widespread community on a variety of different things.
I think one topic that wasn’t approached today that was kind of on the tongues of a lot of people in the audience was like, well, “all these things are good, but if we don’t have the funding or the money to do so, how is that going to work out?” And you probably know that the funding of Cardano happens through Catalyst, which is their funding mechanism. And they’ve done 10 funding rounds so far and so the mood at the conference was not bad in terms of the funding round 10, which was I think $5 million just closed a few weeks ago or a month ago. So people are kind of happy or in good sentiment because those that got the approval have money to start building, doing things, etcetera. Because it’d been a year since they hadn’t had a funding round, and that was quite a long time. Normally, the cycles have been at maximum of four to six months.</blockquote>
Ultimately, Ahmed believes the Summit marks a major milestone for the <a href="https://www.newsbtc.com/news/cardano-november-momentum-an-over-40-increase-in-the-cards/" target="_blank">Cardano</a> ecosystem as it moves into the Middle East and North Africa (MENA) region.
<figure><img src="https://i0.wp.com/bitcoinist.com/wp-content/uploads/2023/11/Cardano-ADA-ADAUSDT.png?resize=980%2C467&amp;ssl=1" alt="Cardano ADA ADAUSDT" /><figcaption>ADA’s price trends to the upside on the daily chart. Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT" target="_blank">ADAUSDT on Tradingview</a></figcaption></figure>
<h2>Cardano Summit 2023: Founder Hoskinson Speaks</h2>
Today, the founder of Cardano and CEO at Input Output Global (IOG), Charles Hoskinson, took the main stage to speak about the blockchain’s “Past, Present, and Future.” Using his famous whiteboards, Hoskinson presented the “strategic pillars” underpinning Cardano’s evolution: Scaling, Governance, and Interoperability.
<blockquote>
Whiteboard session with <a target="_blank" href="https://twitter.com/IOHK_Charles?ref_src=twsrc%5Etfw">@IOHK_Charles</a> about <a target="_blank" href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw">#Cardano</a>: Past, Present and Future 🖖<a target="_blank" href="https://twitter.com/hashtag/CardanoSummit2023?src=hash&amp;ref_src=twsrc%5Etfw">#CardanoSummit2023</a> <a target="_blank" href="https://t.co/VXLOaLbc7i">pic.twitter.com/VXLOaLbc7i</a>
— Romain Pellerin (@rom1_pellerin) <a href="https://twitter.com/rom1_pellerin/status/1720358870969679894?ref_src=twsrc%5Etfw" target="_blank">November 3, 2023</a> </blockquote>
In addition, Hoskinson outlined upcoming enhancements like Hydra for scaling and governance tools like 1694 and Intersect, emphasizing the network’s direction towards self-amendment capabilities. For interoperability, the Cardano founder cited advances with sidechains and the implementation of Non-Interactive Proofs of Proof-of-Work (NiPoPoWs).
Hoskinson introduced the Cardano Settlement Layer (CASL) as a mainnet foundation for service layers, alongside PartnerChains for service layer collaboration, leveraging Minotaur’s consensus algorithm for cross-consensus interoperability. The framework will utilize Parity Substrate with Babel fees, enabling native asset transactions.
Cover image from Unsplash, chart from Tradingview
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